Red Bank-based homebuilder Hovnanian Enterprises closed out its fiscal year October 31 on a larger-than-expected net loss, according to a news report.

The company’s fourth quarter produced an after-tax net loss of $132.1 million, or $1.68 per common share, compared with a net loss of $250.8 million, or $3.21 per share, in the comparable 2009 quarter.

The company’s moves toward a debt restructuring were underway last week when company founder and chairman Kevork Hovnanian died Friday at age 86. The impact of the Rumson resident’s passing on his family’s control of the publicly traded company is unclear, the Journal reports.